🔴 US cryptocurrency exchange, Coinbase, has been fined $50m by regulators for repeated anti-money laundering failures
The Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said US banks needed to be more careful about the risks of fraud, legal uncertainty and misleading disclosures by crypto firms. They added they have concerns with the safety and soundness of bank business models highly concentrated in crypto.
Banks issuing or holding crypto tokens stored on public, decentralised networks are “highly likely” to be inconsistent with safe and sound banking practices, the regulators added, potentially dealing a blow to several lenders’ ongoing efforts to provide crypto services to customers.
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